Repayment Flexibility Can Reduce Financial Stress A Randomized Control Trial with Microfinance Clients in India 英文参考文献.docVIP

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Repayment Flexibility Can Reduce Financial Stress A Randomized Control Trial with Microfinance Clients in India 英文参考文献.doc

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Repayment Flexibility Can Reduce Financial Stress A Randomized Control Trial with Microfinance Clients in India 英文参考文献

RepaymentFlexibilityCanReduceFinancialStress:A RandomizedControlTrialwithMicrofinanceClientsin India EricaField1,RohiniPande2*,JohnPapp3,Y.JeanettePark4 1DepartmentofEconomics,DukeUniversity,Durham,NorthCarolina,UnitedStatesofAmerica,2HarvardKennedySchool,Cambridge,Massachusetts,UnitedStatesof America,3HighbridgeCapitalManagement,NewYork,NewYork,UnitedStatesofAmerica,4HarvardBusinessSchool,Boston,Massachusetts,UnitedStatesofAmerica Abstract Financialstressiswidelybelievedtocausehealthproblems.However,policiesseekingtorelievefinancialstressbylimiting debt levels of poor households may directly worsen their economic well-being. We evaluate an alternative policy – increasing the repayment flexibility of debt contracts. A field experiment randomly assigned microfinance clients to a monthly or a traditional weekly installment schedule (N=200). We used cell phones to gather survey data on income, expenditure,andfinancialstressevery48hoursoversevenweeks.Clientsrepayingmonthlywere51percentlesslikelyto reportfeeling‘‘worried,tense,oranxious’’aboutrepaying,were54percentmorelikelytoreportfeelingconfidentabout repaying, and reported spending less time thinking about their loan compared to weekly clients. Monthly clients also reportedhigherbusinessinvestmentandincome,suggestingthattheflexibilityencouragedthemtoinvesttheirloansmore profitably,whichultimatelyreducedfinancialstress. Citation:FieldE,PandeR,PappJ,ParkYJ(2012)RepaymentFlexibilityCanReduceFinancialStress:ARandomizedControlTrialwithMicrofinanceClientsin India.PLoSONE7(9):e45679.doi:10.1371/journal.pone.0045679 Editor:TizianaLeone,LondonSchoolofEconomics,UnitedKingdom ReceivedMay14,2012;AcceptedAugust23,2012;PublishedSeptember26,2012 Copyright: ? 2012 Field et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricteduse,distribution,andreproductioninanymedium,providedtheoriginalauthorandsourcearecredited. Funding:ThisstudywasfundedbytheICICIFo